NextGen Day

MANILA, Philippines — According to Finance Secretary Carlos Dominguez III, the Philippine government is considering issuing another Samurai bond in the first half of 2022.

“We are definitely looking at the Samurai market,” he said during the virtual Bloomberg Asean Business Summit on Wednesday. “However, we rely on our domestic market for 70 to 72 percent of our bond financing.”

The government last used the Samurai bond market in March 2021, when it issued a three-year senior unsecured zero-coupon fixed-rate Samurai bond for JPY55 billion.

A yen-denominated debt instrument issued in Tokyo by non-Japanese entities is known as a samurai bond.

To assist finance its plans for the year, the government turns to domestic and international creditors.

Given the additional requirements brought on by the epidemic, the Philippine government was active in the debt market last year to improve its funding capacity.

The PHP150 billion (USD3 billion) dual-tranche US dollar-denominated bond, the EUR 2.1 billion multi-tranche global bond, and the JPY55 billion Samurai bond were all issued last year.

Despite the government’s active engagement in international debt markets, Dominguez noted the government remains to rely on domestic creditors for funding.

Authorities, he said, are “growing our local capital markets with the backing of monetary measures in reducing our banks’ reserve requirements here.”

“So, again, we look at both markets,” he explained, “but we rely more on our domestic capital market.”

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